Concrete Solutions Accrington Limited - Period Ending 2019-07-31

Registration number: 06970205

Concrete Solutions Accrington Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

Hughes & Co Limited
Chartered Certified Accountant
Unit 1,
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

Concrete Solutions Accrington Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Balance Sheet	4
Notes to the Financial Statements	5 to 10

Concrete Solutions Accrington Limited

Company Information

Director

Mr Imran Mirza

Company secretary

Mr Sannah Ullah

Registered office

Unit 1, Vantage Court Riverside Business Park Barrowford Lancashire BB9 6BP

Accountants

Hughes & Co Limited Chartered Certified Accountant Unit 1, Vantage Court Riverside Business Park Barrowford Lancashire BB9 6BP

Page 1

Concrete Solutions Accrington Limited

Director's Report for the Year Ended 31 July 2019

The director presents his report and the financial statements for the year ended 31 July 2019.

Director of the company

The director who held office during the year was as follows:

Mr Imran Mirza

Principal activity

The principal activity of the company is Manufacture of ready mixed concrete

Going concern

The Company is reliant on the continued support of its Directors, shareholders and key lenders. All parties have agreed to continue support for the Company

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 4 March 2020 and signed on its behalf by:

.........................................
Mr Imran Mirza
Director

Page 2

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Concrete Solutions Accrington Limited
for the Year Ended 31 July 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Concrete Solutions Accrington Limited for the year ended 31 July 2019 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Concrete Solutions Accrington Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Concrete Solutions Accrington Limited and state those matters that we have agreed to state to the Board of Directors of Concrete Solutions Accrington Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Concrete Solutions Accrington Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Concrete Solutions Accrington Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Concrete Solutions Accrington Limited. You consider that Concrete Solutions Accrington Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Concrete Solutions Accrington Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hughes & Co Limited
Chartered Certified Accountant
Unit 1,
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

4 March 2020

Page 3

Concrete Solutions Accrington Limited

(Registration number: 06970205)
Balance Sheet as at 31 July 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	119,006	147,529
Current assets
Stocks	5	8,600	8,600
Debtors	6	84,255	34,565
Cash at bank and in hand		17,913	4,050
		110,768	47,215
Creditors: Amounts falling due within one year	7	(487,429)	(389,732)
Net current liabilities		(376,661)	(342,517)
Net liabilities		(257,655)	(194,988)
Capital and reserves
Called up share capital	8	100	1
Profit and loss account		(257,755)	(194,989)
Total equity		(257,655)	(194,988)

For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 March 2020
 

.........................................

Mr Imran Mirza
Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Concrete Solutions Accrington Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1,
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP

The principal place of business is:
Unit 9
Moorfield Ind Est
Altham
Accrington
Lancashire
BB5 5WE
United Kingdom

These financial statements were authorised for issue by the director on 4 March 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 5

Concrete Solutions Accrington Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and Machinery	25% Straight line
Furniture, fittings, tools and equipment	10% Straight line
Motor vehicles	20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 6

Concrete Solutions Accrington Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2018 - 4).

Page 7

Concrete Solutions Accrington Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2018	37,625	161,300	13,800	212,725
Additions	2,655	1,000	10,747	14,402
At 31 July 2019	40,280	162,300	24,547	227,127
Depreciation
At 1 August 2018	7,526	53,520	4,150	65,196
Charge for the year	4,028	32,460	6,437	42,925
At 31 July 2019	11,554	85,980	10,587	108,121
Carrying amount
At 31 July 2019	28,726	76,320	13,960	119,006
At 31 July 2018	30,099	107,780	9,650	147,529

5

Stocks

	2019 £	2018 £
Other inventories	8,600	8,600

6

Debtors

	2019 £	2018 £
Trade debtors	3,463	396
Prepayments	16,433	11,040
Other debtors	64,359	23,129
	84,255	34,565

7

Creditors

Creditors: amounts falling due within one year

Page 8

Concrete Solutions Accrington Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

	2019 £	2018 £
Due within one year
Trade creditors	54,687	28,089
Taxation and social security	11,380	5,107
Accruals and deferred income	1,190	1,269
Other creditors	420,172	355,267
	487,429	389,732

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	100	100	1	1

9	Related party transactions

Transactions with directors

2019	At 1 August 2018 £	Repayments by director £	At 31 July 2019 £
Mr Imran Mirza
Directors Loan Account - Mr Imran Mirza	17,965	(17,965)	-

2018	Other payments made to company by director £	At 31 July 2018 £
Mr Imran Mirza
Directors Loan Account - Mr Imran Mirza	17,965	17,965

Summary of transactions with other related parties

1) Mrs Tahira Mirza
2) 1st Choice Car Spares Ltd
 1) During the period Mrs Mirza advanced a further £167,500 to the company as an interest free loan.
2) 1st Choice Car Spare Limited advanced £66,100 to the company as an interest free loan.
 1) The loan from Mrs Mirza is interest free and repayable on demand.
2) The loan from 1st Choice Car Spares Ltd is interest free and repayable on demand.
 

Loans from related parties

Page 9

Concrete Solutions Accrington Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

2019	Other related parties £
At start of period	333,600
Advanced	25,062
At end of period	358,662

2018	Other related parties £
At start of period	100,000
Advanced	233,600
At end of period	333,600

Terms of loans from related parties

Mrs Mirza advanced monies to the company as an interest free loan, the loan is interest free and repayable on demand.
1st Choice Car Spares Ltd - Mr Imran Mirza is a Director of - Loaned monies to this company. The loan is interest free and repayable on demand.

Page 10